Frenzied buying in software and metal stocks in late trade
propelled market higher after a nervous start. Asian markets, which
opened before Indian market, saw steady recovery throughout the day
after a shaky start. European markets, which opened after Indian
market, were mixed. IT pivotals gained as rupee weakened to
13-month low against the dollar. Metal stocks gained on fresh
buying. The S&P CNX Nifty settled above physcological level of
5,000. However the BSE Sensex failed to close above 17,000 level.
The 30-share BSE Sensex surged 225.49 points or 1.36% at 16,978.35.
Sensex advanced 262.08 points at day's high of 17,014.94 in
mid-afternoon trade. The barometer index had opened 61.56 points
lower at 16,691.30 and slipped further to touch a low of 16,626.35
in early trade. At the day's low, Sensex had lost 126.51 points.
The broader based S&P CNX Nifty gained 53.95 points or 1.09% at
5,011.75. Nifty May 2008 futures were at 5011.80, near the spot
price.
The market breadth was positive on BSE, with 1393 shares advancing
as compared to 1269 that declined. 85 remained unchanged.
The BSE Mid-Cap index rose 0.41% to 6,989.81 while the BSE
Small-Cap index gained 0.44% to 8,434.49. Both these indices
underperformed the Sensex.
The total turnover on BSE amounted to Rs 6164 crore as compared to
Rs 6,623.42 crore yesterday, 13 May 2008. Turnover in NSE's futures
& options segment amounted to Rs 32919.78 crore as compared to Rs
38107.72 crore yesterday, 13 May 2008
Among the 30-member Sensex pack, 21 advanced while the rest
slipped.
Hindalco Industries, the country's largest private sector aluminium
company in terms of sales, galloped 7.59% to Rs 193.60 on 17.22
lakh shares. It was the top gainer from Sensex pack.
Other metal counters, Tata Steel (up 4.52% to Rs 889.80), Hindustan
Zinc (up 17.93% to Rs 738.80), Sterlite Industries (up 4.77% to Rs
857.25), JSW Steel (up 4.23% to Rs 1000.10), advanced.
IT stocks rallied as rupee weakened to 13-month low above 42
against the dollar. TCS (up 7.07% to Rs 969.70), Infosys
Technologies (up 4.73% to Rs 1829.90), and Wipro (up 1.61% to Rs
502.15), surged. A depreciating rupee augurs well for IT companies
as they derive over 50% of their revenues from exports to US.
However India's fourth largest software services exporter Satyam
Computer Services tumbled from day's high of Rs 515.75 hit in late
trade to settle 1.15% lower at Rs 490.25.
India's largest private sector company in terms of market
capitalisation and oil refiner Reliance Industries (RIL) rebounded
from early low of Rs 2484 to settle 1.02% higher at Rs 2527. 5.44
lakh shares were traded on the counter on BSE.
Bharti Airtel, the country's top cellular services provider in
terms of market capitalisation advanced 3.50% to Rs 850. Bharti
Airtel on Tuesday, 13 May 2008, said its talks for South Africa's
MTN were still exploratory and it has not made any bid.
The Asian Wall Street Journal said on Monday, 12 May 2008, that
Bharti was considering raising its offer to around 175 South
African rand ($22.84) a share for control of MTN. It said an
official bid could come this week. MTN's market value has risen to
$38.8 billion, after an 8.8% increase in its share prices since 2
May 2008, the trading day before the company said it was in talks
with Bharti.
Reliance Infrastructure (up 3.96% to Rs 1436), Jaiprakash
Associates (up 2.63% to Rs 259.90), and Maruti Suzuki India (up
3.46% to Rs 796.80), edged higher from Sensex pack.
Oil & Natural Gas Corporation, the country's largest state run oil
exploration company in terms of sales, slumped 6.13% to Rs 936 on
10.13 lakh shares, on fears the company may forced to offer higher
discounts to state-run refiners as crude hit a record high. It was
the top loser from Sensex pack
Shares of cement producers declined following reports that they are
reducing prices despite increase in input costs, mainly due to
higher supply on account of new installed capacities and the
government's ban on export. Ambuja Cement (down 2.20% to Rs 109.10)
and ACC (down 2.32% to Rs 667.15) declined.
Mahindra & Mahindra (down 1.60% to Rs 656), and HDFC Bank (down
1.23% to Rs 1464), edged lower from the Sensex pack.
Recently listed Aishwarya Telecom jumped 14.82% to Rs 123.95 on
huge volumes of 7.85 crore shares. Other volume toppers on BSE were
IFCI (1.72 crore shares), Idea Cellular (1.53 crore shares), Ispat
Industries (1.49 crore shares), and Reliance Petroleum (1.32 crore
shares).
Aishwarya Telecom was the top traded counter on BSE with turnover
of Rs 929.97 crore followed by Reliance Petroleum (Rs 238.27
crore), Reliance Capital (Rs 168.58 crore), Tata Steel (Rs 167.74
crore) and Idea Cellular (Rs 161.68 crore), in that order.
Shares of oil marketing firms were mixed following reports that the
Union government will issue bonds worth Rs 15000 crore to state oil
refiners for the quarter ended on March 2008. Bharat Petroleum
Corporation (down 2.73% to Rs 339), and Indian Oil Corporation
(down 4.85% to Rs 398.10), declined. However Hindustan Petroleum
Corporation rose 0.47% to Rs 236.10.
The oil bonds will be issued to oil marketing firms so as to
compensate half the revenue loss incurred for selling fuel at
state-set low prices. During 2006/07, the government had
compensated 42.7% of the revenue losses of state oil refiners.
Omnitech InfoSolutions jumped 18.35% to Rs 193.50 after its board
approved raising funds upto $35 million by way of qualified
institutional placement, American or global depository receipts or
foreign currency convertible bonds. The company made this
announcement after market hours on 13 May 2008.
Shanthi Gears surged 5.87% to Rs 70.35 after posting 5.37% rise in
net profit to Rs 11.89 crore on 7.22% increase in total income to
Rs 67.80 crore in Q4 March 2008 over Q4 March 2007. The company
announced the results during trading hours today, 14 May 2008.
BEML gained 2.37% to Rs 1146.1 after the company said it has
entered into a memorandum of understanding with Steel Authority of
India for supply of earth moving equipments and spares. The company
made this announcement after trading hours on Tuesday, 13 May 2008.
KEC International slipped 2.27% to Rs 582.10 even as the company
said it has secured a contract worth Rs 111.41 crore from Power
Grid Corporation of India for supply and construction of 400
kilovolt transmission lines. The company made this announcement
during trading hours on Tuesday, 13 May 2008,
Lloyd Electric & Engineering rose 5.64% to Rs 119.85 after it
announced acquisition of Luvata Czech s.r.o. in Prague, Czech
republic through its special purpose vehicle Lioyd Coils Czech
s.r.o. The company made this announcement before market hours
today, 14 May 2008.
Wockhardt declined 1.38% to Rs 303.10 on reports the Securities
Appellate Tribunal has upheld the Securities & Exchange Board of
India order against the chief financial officer of Wockhardt and
relatives guilty of insider trading
European markets, which opened after Indian market, were mixed. Key
benchmark indices in United Kingdom (up 0.03% to 6,213.70), and
France (up 0.45% to 5,021.50) advanced. However Germany's DAX index
was down 0.18% to 7,047.57
Asian markets were off early lows, still trading mixed today, 14
May 2008. Shanghai Composite (up 2.73% at 3,657.23), Seoul
Composite (up 0.05% at 1,843.75), Nikkei 225 Average (up 1.18% at
14,118.55), Taiwan Weighted (up 0.32% at 9,018.42), advanced.
However, Hang Seng (down 0.08% at 25,533.88) and Straits Times
(down 0.15% at 3,198.51) edged lower.
No comments:
Post a Comment